BC Adjusts Property Transfer Tax
The new housing affordability measures were announced recently in Burnaby, creating big changes. Effective February 17th 2016, the purchase of a qualifying new housing unit valued up to $750,000 will be exempt from the Property Transfer Tax (PTT). This is a significant savings when buying a new home. For example, if you purchase a new home at a price of $400,000, you will be exempt from paying the $6,000 in property transfer tax. The tax structure change has being…